IGO Ltd

IGO: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.70	Svsdl	Xzfbcdqpf

IGO Earnings: Big Dividend Surprises Against Soft Lithium Backdrop

Esther Holloway

Aug 29, 2024

We maintain our AUD 7.50 per share fair value estimate for narrow-moat IGO. With detailed financials provided in the June 2024 quarterly update, there were few surprises in the full-year result. Revenue of AUD 841 million was 18% below fiscal 2023, reflecting the wind-down of the Nova and Forrestania nickel operations and softer battery minerals prices. Adjusted NPAT fell almost 80% on last year, to AUD 319 million, primarily due to lower earnings from the 25% stake in the Greenbushes lithium mine.

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